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Heat the olive oil in a medium saucepan over medium-low heat. Add the finely chopped red bell pepper and celery. Sauté for 6 to 8 minutes, stirring occasionally, until softened and lightly sweet-smelling.
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Add the garlic and ginger. Cook for 2 to 3 minutes, stirring often. Add the hing during the last 20 to 30 seconds of cooking, just long enough to bloom it in the oil without burning it.
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Add the whole plum tomatoes with their juices, crushing them with a spoon as they go into the pan. Stir in the tomato sauce, tomato paste, apple cider vinegar, molasses if using, and 1 Tbsp honey. This replaces the prepared chili sauce and catsup/ketchup from the original recipe.
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Add the soy sauce, dark brown sugar, dry sherry, remaining 5 Tbsp honey, chili powder, cayenne pepper, oregano, and liquid smoke if using.
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Bring the sauce to a boil, then reduce the heat to low. Simmer uncovered for about 30 minutes, stirring occasionally, until thickened and well blended.
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For a smoother sauce, blend with an immersion blender after simmering. For a chunkier, old-fashioned sauce, leave it as is.
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Cool completely, then refrigerate in a tightly covered container for up to 2 weeks.